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Supply of residential units in Malaysia up by 0.4%

KUALA LUMPUR: Residential housing across the country is set to see an incoming supply of 535,665 units as of 2Q 2010, according to preliminary property stock data for 2Q2010 by the Finance Ministry's Valuation and Property Services Department's National Property Information Centre (NAPIC).

NAPIC's definition of "incoming supply" comprises units where physical construction works are in progress including building starts in the review quarter and buildings that have not been issued with CF/TCF during the review period. Of the total, 515,849 housing units are undergoing construction while construction of the remaining19,816 units have just started.

Meanwhile, the bulk of the incoming supply is set to come from Selangor with a total of 137,370 units with 2- and 3-storey terraced homes leading the numbers with 32,207 units.

The number of planned supply registered in 2Q decreased to 660,063 units from 663,067 units in 1Q, a total decline of 3004 units or 0.45%. Kuala Lumpur, Johor, Pulau Pinang and Negeri Sembilan were among the states that saw a decrease while Selangor saw a slight increase of 56 units. According to NAPIC, planned supply comprises units with building plan approvals received within the review quarter but have not started physical construction works.

In 2Q, a total of 16,812 units have been planned, a decrease of 5% from new-planned supply in 1Q. Single-storey terraced homes make up the bulk of new planned supply in 2Q with 5,126 units, with the highest number (1,283 units) of new planned supply coming from Pahang.

The supply of existing stock for all types of residential units in Malaysia has gone up by 0.4% in 2Q 2010 to 4,377.491 from 4,358,855 units in the previous quarter.

The supply of 2 and 3-storey terraced houses made up the bulk of existing supply with a total of 931,955 units in 2Q, followed by 1-storey terraced homes with an existing supply of 830,876 units in the same period.

Existing stock are units that have been issued with the certificate of fitness (CF) or temporary certificate of fitness (TCF) prior to and within the review period.

For the 2 and 3-storey terraced houses, the bulk are in Selangor with 384,557 units followed by Johor with 143,524 units while Johor leads in the supply of 1-storey terraced houses with 175,029 units followed by. Selangor with 143,524 units.

The report noted that 18,636 homes were completed (CF/TCF issued within the review period) across the country in 2Q. Selangor has the most number of completions during the period with 3,419 units comprising mostly condominiums and apartments (1,028 units).
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